Review by Christopher Lewis
FX Synergy is a new type of Forex trading software recently launched by Pecunia Systems. When looking at FX Synergy for the first time in February 2011, I have to admit I didn’t see all of the features right away. Quite frankly, depending on what kind of trader you are – this may or may not be a tool for you. However, for those that find themselves managing several complex trades or even several accounts – FX Synergy is actually a fantastic tool to simplify the process. During the course of this FX Synergy review even this skeptic became a believer.
To begin with, the software is a stand-alone application that runs with any MetaTrader 4 platform. It is not an EA or a script that runs in MT4, but standalone software that functions in conjunction with MetaTrader 4. It works with any MT4 platform regardless of what Forex broker you use. In fact, FX Synergy even has a “stealth” mode to keep the broker from seeing many of your moves in the market until it is time to execute them. Stealth mode allows the trader to place stop losses that don’t get sent to the broker until price is hit – keeping the broker in the dark about where your stop order may be. The benefit of this is obvious – while all Forex traders want to trust their brokers unequivocally, at the end of the day, discretion is always valuable in the Forex world.
A look at FX Synergy's platform
One of the features I was most skeptical about was the one-click execution, which, for someone trading comfortably with two clicks, seems rather unnecessary. However, I must admit that I felt quite differently about it after testing it repeatedly during my FX Synergy review. The ability to simply press a button and be in or out of the market may not sound like a big deal, but in the world of fractional pips, the amount saved over the long run can really add up over time. Scalpers will especially love this feature as it saves time and possible slippage on execution. Also, it should be added that the one-click feature has presets, so you know exactly what you are getting ahead of time. Perhaps you look to take profits after 15 pips; the 1-click feature will make that happen at the outset of the order.
The software allows you to place trailing stops as you would expect, allowing for those traders that like to try to “let it run” do so in this manner. However, the software also allows you to set up “steps” that will have the stop loss moving once certain prices are hit. This allows you to set up a trade to lock in more profit the farther it goes in your direction. The stop reverse allows the trader to reenter the market in the opposite direction once a stop loss is hit. For example, if you have a stop loss 100 pips below the current price, you can set the software to not only close out at that price, but to sell short as well, taking advantage of the change in market sentiment.
Another very handy feature is the ability to calculate risk for each order. For example, if you choose to risk 1% on each and every trade, FX Synergy will do that for you automatically. The feature works with any market, and can help keep you “honest” when trading the markets. This allows for predictable modeling as your risk will always be the same, allowing the results to be successfully consistent in letting you know just how things really are going in your trading. This feature turns on or off, but quite frankly most professionals will tell you to keep risk low and consistent, and this tool is great for just that.
FX Synergy also offers the ability to manage up to 20 accounts in a singular place, though you will still be required to have each account opened with its own MT4. This may not be very useful for new traders, but will definitely be advantageous for more experienced Forex traders. There are tabs that you can use to select which accounts you want to enter trades in, and this gives the ability for a trader to apply multiple strategies in multiple accounts with the greatest of ease. One way you can think of it is that it is like a money manager’s piece of software, but highly expanded and gives greater detail. You can also group accounts together in different ways. This would be highly useful for someone trading a couple of different strategies for clients, for example. You could have a few accounts with one strategy, and therefore would simply choose that group for the first trade. The second trade you enter might be a slower or longer term strategy that you have a group of clients for, and they would be grouped together and so on. Really, the combinations are almost endless in that kind of scenario.
There are also many other features that FX Synergy allows for. You can scale into trades in an automatic manner, or scale out. This all can be done in a pre-planned manner, opening the doors to a large amount of trading strategies that previously had to be done manually in MetaTrader 4 or worse yet had to be done by using multiple Expert Advisors that unfortunately don’t always play nicely with each other.
The FX Synergy package is run through an Expert Advisor, and is well integrated with both the MT4 and all of its underlying features. What was perhaps most refreshing about FX Synergy is that it’s suited to experienced traders who often find a certain comfort level with their trading strategies (which can lead to sloppiness as well as success) – but intermediate and advanced traders will be pleasantly surprised at how this Forex trading software can actually improve one’s existing trading strategy. After demoing the FX Synergy software, I am left with the impression that traders that are looking to manage complex trades or multiple accounts will be hard pressed to find a better solution.
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